Stock Market Headlines Friday, May 1 Recap

Stock Market closed at a disadvantage last Friday, May 1, 2020, as corporate earnings revealed more damage due to the coronavirus pandemic.

Ahead of the opening bell, the S&P 500 index was down 59.5 points or 2.05%. Dow and NASDAQ Futures were also down at 461.00 points or 1.90% and 229.00 points or 2.55%, respectively.

Major Headlines

Amazon warned that its operating income would come down negative to forecasted value of $1.5 billion due to the expected $4 billion coronavirus-related costs.

Apple closed Friday’s session lower by 3.2% as the company declined to release growth outlook — the first time in many years — due to uncertainty over the pandemic.

Oil giants Exxon Mobil and Chevron posted weaker results as the collapse in oil prices, new OPEC+ deal, shortages in oil storage infrastructure, and economic devastation caused by the coronavirus pandemic take its toll on oil and gas corporations.

The S&P 500 closed April with its best monthly gain at a total of 12.68%, which is 14% off from its February record-high return and 10% plummet year to date.

The April Markt U.S. Manufacturing PMI sinks from 48.5 to 36.1 — the lowest since March 2009. The manufacturing output also sees a record decline from 46.5 (March) to 28.8 (April). PMI readings show that the neutral level of 50 represents contraction in a sector and below 50 indicates no change.

Closing Results

The three major indices closed trading at a low point to kick off May. S&P 500 settled at negative 81.72 points or -2.81%, while Dow and NASDAQ rallied at negative 622.03 points (-2.55%) and negative 284.6 points (-3.2%), respectively.

Jayde is a professional freelance writer with years of experience covering consumer tech, finance, and science. He has worked with various media outlets both online and on paper such as Z6Mag, News Every Day, and other small-time publications.